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Bailout: Kogi tops indebted States, to refund N50.842 billion

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As the Central Bank of Nigeria (CBN) moves for refund of 2015/2016 bail out loans, Kogi State government is expected to start making refund of N50.842 billion into the vault of the Central Bank of Nigeria.

CBN governor, Godwin Emefiele while reacting to the printing of money comment by Edo State governor, Godwin Obaseki at Awe LGA in Nasarawa State on Tuesday last week, said States who got bailout funds between 2015/2016 would be made to pay back now.

Way back in July, 2015, President Muhammadu Buhari approved the sum of $2.1 billion to distressed States which couldn’t pay workers salaries which Kogi State was the major beneficiary.

The intervention which was disbursed to Kogi State in tranches along other States was meant for governor Yahaya Bello to offset workers’ salaries, but the bailout generated more confusion in Kogi as workers are still owed salaries six years after.

Though, Emefiele clarified that it was the responsibility of the apex bank to provide support facility, each time there was financial paucity in the nation, the bailout, he noted, was meant to be repaid, while he expressed sadness that six years after, no beneficiary State has paid back the fund.

CAPITAL POST, however, spoke with the Director of Corporate Communications of the Central Bank, Mr. Osita, to know if the affected States have been written officially, he said: “If that happens, everyone will know.”

Our correspondent couldn’t so confirm, how soon the refund will start, or if the deduction would be at source, but the Internally Generated Revenue (IGR) of Kogi State is less than N2 billion a month.

Below are the states that benefited from the funds:

Abia (N14.152bn)
Adamawa( N2.378bn)
Bauchi (N8.60bn)
Bayelsa (N12.85bn)
Benue(N28.013bn)
Borno(N7.680bn)
Cross River(N7.856bn)
Delta( N10.036bn)
Ebonyi(N4.063bn)
Edo(N3.167bn)
Ekiti (N9.604bn)
Enugu (N4.207bn)
Gombe (N16.459bn)
Imo (N26.806bn)
Kastina (N3.304bn)
Kebbi (N0.690bn)
Kogi (N50.842bn)
Kwara (N4.320bn)
Nasarawa (N8.317bn)
Niger (N4.306bn)
Ogun (N20.00bn)
Ondo (N14.686bn)
Osun(N34.988bn)
Oyo( N26.606bn )
Plateau (N5.357bn)
Sokoto (N10.093bn)
Zamfara (N10.02bn)

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